GRAHAM WELDING CONSTRUCTION (PB) LIMITED Filleted accounts for Companies House (small and micro)
GRAHAM WELDING CONSTRUCTION (PB) LIMITED Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
06839214
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Financial Statements |
Year ended 31st March 2021
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
8 |
– |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
5 November 2021
, and are signed on behalf of the board by:
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Director |
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Company registration number:
06839214
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Notes to the Financial Statements |
Year ended 31st March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9 Summit Centre, Summit Road, Potters Bar, Hertfordshire, EN6 3QW.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property Improvements |
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Plant & Machinery |
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Fixtures & Equipment |
- |
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Motor Vehicles |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Finance leases and hire purchase contracts
Government grants
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
4
).
5.
Tangible assets
Leasehold Property Improvements |
Plant & Machinery |
Fixtures & Equipment |
Motor Vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1st April 2020 and 31st March 2021 |
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Depreciation |
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At 1st April 2020 |
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Charge for the year |
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At 31st March 2021 |
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Carrying amount |
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At 31st March 2021 |
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At 31st March 2020 |
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6.
Debtors
2021 |
2020 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2021 |
2020 |
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£ |
£ |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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8.
Creditors:
amounts falling due after more than one year
2021 |
2020 |
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£ |
£ |
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Other creditors |
– |
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9.
Related party transactions
The company was under the control of Mr J.Graham throughout the current and previous year. Mr J Graham is the managing director.